UPMIFA Information

UPMIFA Information

Forum topic posted in Forum on 30 April 2008| 6 comments
audience: | last updated: 30 April 2008
7 posts / 0 new
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Joined: 10/03/2001
Points: 30
Can someone direct me to more information on UPMIFA (Uniform Prudent Management Investment Fiduciary Act) that took effect on or about Nov 7, 2007, in Oklahoma? Thank you in advance.

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Joined: 08/23/2004
Points: 20
UPMIFA has been introduced in California as Senate Bill 1329 by Senator Harman. It was approved unanimously by the Senate Judiciary Committee on April 8, 2008. If passed and signed by the Governor it will go into effect on January 1, 2009 It generally follows the Uniform Act but the optional section in the Uniform Act creating a rebuttable presumption that withdrawals from an endowment in excess of 7% are not prudent was not included in the draft California Act. (Does anyone else agree with me that small organizations with endowment funds would benefit from having a standard such as 7% to guide them?) Also the limits on non-judicial changes in small and old endowments were increased from $25,000 to $100,000.
Joined: 04/06/2004
Points: 90
Lynda S. Moerschbaecher If you email me, I will reply with the draft of the AICPA proposed position. There are points where the law and the FASBs conflict. Lsm@Lyndam.com
Joined: 01/26/2004
Points: 30
UPMIFA was promulgated by the National Conference of Commissioners on Uniform State Law, www.nccusl.org. Some explanation of the law is on the site as is current information about the state by state status of adoption.
Joined: 03/02/2006
Points: 15
There is a very interesting article in the April, 2008 Exempt Organization Tax Review on the effect of UPMIFA on the accounting treatment for endowments written by Jack Siegel, "FASB Puts Infinity Up on Trial:Accounting for Endowments" starting at page 23(Vol 60, No1). Carolyn Clark
J Edward Shillingburg's picture
Joined: 03/30/2001
Points: 30
For background, etc., materials , try www.law.upenn.edu/bll/archives/ulc/ulc.htm#umoifa JES
Joined: 10/05/2005
Points: 165
Can't help you with state-specific, but if you Google UPMIFA, you'll find it has its own website.
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